Spring 2014 Dumbo Commercial Real Estate Update


We received the following Spring 2014 update from Chris Havens, Vice President of Commercial Property at aptsandlofts.com. The office vacancy in Dumbo is still very limited and price per square feet is in the $50+ range.

There is hope on the horizon for expansion of our retail inventory, as the new developments at Dock Street (aka 60 Water Street), Empire Stores, 185 Front Street (aka 200 Water Street), 201 Water Street, and One John Street will bring much needed retail space to Dumbo. And the Dumbo Heights project (aka former Jehovah’s Witness Watchtower properties) on Sands/Adams/Prospect boasts up to 100,000 sf of retail, with new street treatments, proposed pedestrian spaces and 2nd floor activity all included.

Office inventory continues to be tight, though rising prices and tenant growth are causing some vacancies. Dumbo Heights and Empire are said to be attracting huge interest, with rents in the works over $50 per rsf. Neither will handle the bread and butter Brooklyn tenant under 5000 sf.

The wonderful Brooklyn Designs show is back next month, bringing yet more well-heeled visitors to our fair shores.

Vinegar Hill is slowly coming to life, with a new office lease at 222 Water Street ground being built out and one at 50 Bridge Street (photo) in place, construction underway on the land at Bridge and Water Streets, a new vacancy at 261-5 Water Street (Google Map) where I am bringing a 16,000 sf ‘maker space’ on line this month, and renovations at 247-51 Water Street (Google Map).

{Dumbo Commercial Real Estate Update (December 2013), 16Dec2013}
{Dumbo Commercial Real Estate Update (June 2013), 02Jul2013}
{Dumbo Brooklyn Commercial Report (March 2012), 12Mar2012}
{Dumbo Brooklyn Retail Report (Jan 2012), 13Jan2012}
{Dumbo Retail Report (Dec 2011), 16Dec2011}
{Dumbo Commercial Real Estate Update (Nov 2011), 22Nov2011}